Property firm bought the logistics facility for £25m just three years ago
Global property firm Hines has sold the Royal Mail sorting warehouse in Edinburgh to asset manager ICG Real Estate.
The industrial building was acquired from the Railways Pension Scheme in 2019 by a fund sponsored by Hines and has now been offloaded for an undisclosed price.
That deal was done for around £25m and marked the third investment in UK logistics assets by Hines in 2019.
The 215,745 sq ft facility is located in Sighthill Industrial Estate adjacent to Hermiston Gait Retail Park. Approximately 700 staff are based there, handling more than 900,000 letters and 45,000 parcels each day.
“Logistics remains a hugely important sector for Hines in the UK and Royal Mail’s sorting warehouse is a great example that we are not afraid to consider tactical sales while looking to redeploy capital into more accretive opportunities,” said Greg Cooper, managing director at Hines.
Chad Brown, managing director at ICG Real Estate, commented: “The investment underlines our ongoing belief in the logistics market’s robust occupational tailwinds with the firm eager to deploy further capital in the sector across Europe.”
ICG was advised by Knight Frank and Marchmont Investment Management.